It is estimated that they currently have 400 warheads. That number will only increase, especially as they fill their vaults.
This is according to Wikipedia: "By some estimates of true spending, the PRC's military spending is second only to the US's of over $400 billion."
This increase in wealth has been directly related to the passage of 'Most Favored Nation' status and is a new and welcomed phenomenon for the Red Chinese. They are most certainly laughing (at us) all the way to the bank.
One other thing neither the media nor even "the experts" mention. If I spend one dollar on defense in the US, I get X. If I spend 8.3 Yuan (e.g. 1 dollar) in the PRC, I get 10X.
Quote: "By some estimates of true spending, the PRC's military spending is second only to the US's of over $400 billion."
..and look where alot of our spending goes: defending Japan, Germany, S. Korea, Kosovo etc. + plus the WOT.
China has none of that spending. They can spend their whole enchilada on new equipment. Just think of the equipment we could buy if we did not have to be the "world's policemen"?